PSTV

Plus Therapeutics is a pre-commercial CNS-cancer radiopharmaceutical and diagnostics developer whose economics are those of a research program, not a business. FY2025 revenue was just $5.21M and actually shrank 10.5% YoY, gross margin is a rounding error at 2.8%, and the company lost $22.4M net (net margin -429%). R&D alone ($8.38M) is larger than total revenue. The entire story rests on unapproved assets — lead candidate rhenium (186Re) obisbemeda is still in a Phase 2 GBM trial (up to 55 patients, funded partly by a $3.0M NIH/NCI award), and the CNSide test is a newly re-introduced lab-developed test — so today's numbers tell you nothing good and the upside is entirely binary clinical/commercial optionality.

The balance sheet is the disqualifier. The company held only $4.26M of cash at year-end against operating cash burn of $20.8M — roughly a single quarter of runway — while stockholders' equity is a razor-thin $4.00M against $12.3M of liabilities (3.09x). An accumulated deficit of $516M shows this is a serial capital-consumer, and it has already behaved like one: shares outstanding exploded ~909% YoY to 172M, and the filing itself describes a March 2025 private placement so dilutive the company had to sign a June 2025 letter agreement to cancel shares and pre-funded warrants to 'minimize the dilutive impact.' With burn far exceeding cash, further heavily dilutive raises are not a risk — they are a near-certainty, and existing holders will bear them.